New Delhi is looking to privatise flagship carrier Shipping Corporation of India’s (SCI) as part of a wider privatisation program for a number of key state assets.
The government has a 63.75% stake in the shipping line, which has a diverse fleet of 64 ships as well as significant real estate holdings in Mumbai.
The privatisation plans still need approval from the central cabinet before any sales process gets underway.
SCI was founded on this day 58 years ago by the merger of Eastern Shipping Corporation and Western Shipping Corporation. It currently owns a fleet of 64 vessels made up of 15 bulkers, 22 tankers, two containerships, four gas ships and 10 OSVs.